Stocks still in losing streak

Dhaka stocks continued its losing streak for the sixth day as investors sold shares anticipating a bear-run yesterday.
DSEX, the benchmark general index of Dhaka Stock Exchange, closed the day at 4,093.28 points, after shedding 51.66 points or 1.24 percent.
“Anxiousness regarding omnibus account closure within February 28, reduction of bank's exposure in capital market and political overheating may have contributed to
the panic of investors,” said LankaBangla Securities, in its daily market analysis.
“As political vibrations continued shaking up investors'
confidence, DGEN hit another 1.24 percent drop. The market participants also stayed wary as omnibus closeout deadline approaches,” said IDLC Investments.
Meanwhile, as hype over IPOs seemed to calm down, a majority portion of late entrants seemed stuck with their money, while opportunistic investors apparently stayed put after profit booking, according to IDLC's analysis.
Turnover at the premier bourse advanced 6.58 percent to Tk 315 crore than the previous day.
A total of 0.92 lakh trades were executed with 7.32 crore shares and mutual fund units changing hands on the Dhaka bourse.
Of the 270 issues traded, 43 advanced, 202 declined and 25 remained unchanged.
All the sectors fell as the overall market suffered heavily. Among the major sectors, power lost 2.42 percent, the biggest loser, followed by telecom 1.89 percent.
Non-bank financial institutions lost 0.73 percent, banks 0.57 percent and pharma 0.18 percent.
Newly listed Summit Pur-banchol Power Company featured in the most traded stocks chart with 49.74 lakh shares worth Tk 42.82 crore changing hands.
Islamic Finance and Investment was the day's highest gainer, posting a rise of 4.10 percent, while RAK Ceramics was the worst loser, slumping by 15.87 percent.
The Chittagong Stock Exchange also ended lower, as the Selective Categories Index lost 100.76 points or 1.24 percent to close at 7,973.70.
Losers beat gainers 152 to 23 with 14 issues remaining unchanged on the port city bourse that traded 1.06 crore shares and mutual fund units, generating Tk 42.07 crore in turnover.

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